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PART GEENNERAL Undex'`the Minnesota:Municipal Industdal Development Act, Minnesota Statutes; Sections 459.152 to 4G9:1651 (the "Industrial Development:Act"), the City of Gem Lake. (tile "Cit " has issue revenue bonds or noites to atffact or promote economically sound industry and eonzmer authority to the City. Under Minnesota Statutes—Oiapter.:.. 46 G: the you revenue bonds fo finance multi-fantily residential housing ra'ects for low ---.-------��-�-�--------- srrrg....A.ct")._the City is authorized to issue, g income persons and elderlyg P J and moderate persons, Projects must be etribodied in a Dousing Program as that term is defined in.the.Iousing.Act; The City.Council.Of Gem Lake. is. aware that such: fnancing for certain private activities ma benefit. to the City and will.consider. requests for taX:exempt financing subject to these • y be of Tbe:City Council considers tax exempt financing to be a privilege; not aright. Gwdelirtes, It is the judgment Of -the City Council that tax exempt frnatrcing is to be used on a selective basis to encourage certain development that offers a benefit to.*the City as a who including :significant employment.and housing opportunities. It is the 4pplicant's responsibility to demonstrate the be to lire City., both in *-iting and at the requiiea public: hearing. The .a applicant: should .understandne$t although approval may have been granted by. fie City for the issuance of.11nancin for a similar project or a similar debt structure, that is not a basis upon.whiclr a royal g aPplication, will be judged on. the: merits of the project as it: relate P o the ubL'granted. Each Housing -Act or the Industrial Development A* & and the benefit to the. City at the.timeudzpeoseuesti the financing: is being;cor�sidered. req In no event: will the.. City issue pri�are activity bonds for tho ri expenses of any borrower; P miuY purpose of financing operation Provided chat bond proceeds gay fzurd reasonable operating and replacement reserves where the primary use of proceeds is to ance capital expenditures. 1